Project Research Dossier: Fermah

29 September 2026

What would I need to see before putting a value on a Fermah token?

Fermah’s Froben marketplace connects customers needing ZK proofs with GPU operators. Its docs describe a matchmaker that assigns proving work. The current website also presents Kernel as infrastructure for running multi-step workflows. https://docs.fermah.xyz/network https://www.fermah.xyz/

Funding and launch status Fermah announced a $5.2M seed round in September 2024, co-led by a16z CSX and Lemniscap. That is evidence of funding, not a public token sale or a token valuation. Its published roadmap targets Q1 2027 for TGE; a target is not a confirmed launch date. I did not find an active public sale in the sources reviewed, but that does not establish that none exists. https://www.prnewswire.com/news-releases/fermah-closes-5-2m-seed-round-to-abstract-away-the-complexity-of-zk-proof-generation-302249050.html https://docs.fermah.xyz/dd12ad72-1420-4867-be92-176ff7e4d69c

Tokenomics and dilution I could not verify total supply, initial circulation, token price, allocations, cliffs, vesting or emissions. FDV and unlock pressure therefore remain unknown. Once those figures are published, I would compare each release with the circulating supply immediately before it. For example, releasing 2 million tokens into a 10 million float increases supply by 20%; this is an illustration, not Fermah’s schedule or a price forecast.

Team and evidence Fermah’s GitHub organization has a verified fermah.xyz domain. Its March 2026 announcement names Patricio Napoli as CTO. These establish identifiable sources, but neither is a security audit. https://github.com/fermah-xyz https://www.fermah.xyz/blog/a-new-chapter-for-fermah-patricio-napoli-appointed-as-cto

My main concerns are execution failures, dependence on orchestration infrastructure, and whether any future token has a necessary role in the product. I would want deployed-contract references, audit coverage, control permissions and complete token terms before reaching a stronger conclusion.

Which missing item would you check first: token value capture, operator concentration or unlocks? Dated primary sources would help test this assessment.

Written for a Republic quest that can award VP.

Attached the two-page source review. Unknown token terms are kept separate from the dilution example. Republic VP is the disclosed incentive; other holdings or affiliations are not disclosed here. I would welcome a critique of the token-value-capture question or the evidence needed to establish sale status.